Premier African Minerals Limited RHA Update (9695D)
15 October 2018 - 5:00PM
UK Regulatory
TIDMPREM
RNS Number : 9695D
Premier African Minerals Limited
15 October 2018
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
15 October 2018
Premier African Minerals Limited
RHA Update
Premier African Minerals Limited ("Premier" or the "Company"),
the AIM-traded, multi-commodity mining and natural resource
development company, is pleased to provide an update on the status
of the proposed restructuring of RHA Tungsten Private Limited, the
owner of RHA Tungsten Mine ("RHA") in Zimbabwe in which Premier
currently has a 49% interest.
Further to the announcement dated 13 August 2018, Premier
received further correspondence on Friday, 12 October 2018
regarding the restructuring of the equity at RHA in which the
Ministry of Industry, Commerce and Enterprise Development has
indicated that the process will be concluded before the end of this
month.
George Roach, CEO of Premier, stated: "I am on record that there
would be some advancement by the end of last week with this
proposed restructure of the equity at RHA, or Premier would need to
look to other legal processes to secure the remaining equity in
RHA. It is simply not possible that Premier, or any other could be
expected to continue to fund the ongoing holding costs and the
return to production with a minority stake and no contribution from
the remaining shareholders.
"The cost to RHA employees, many of whom have received no income
this year, the cost to a body of international shareholders and the
loss of potential revenue must end now. Recently, Premier
established independently that it was feasible to bring RHA back
into production and I believe it will be possible to finance the
start of production, but not until proper legal process is
concluded and the ownership of RHA reflects present Zimbabwean
Government policy."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The person who arranged the
release of this announcement on behalf of the Company was George
Roach.
Enquiries:
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
Michael Cornish / Beaumont Cornish Limited Tel: +44 (0) 20 7628
Roland Cornish (Nominated Adviser) 3396
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 20 7408
Mansfield Limited 4090
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Brandon Hill Capital Tel: +44 (0) 20 3463
Jonathan Evans Limited 5000
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Notes to Editors:
Premier African Minerals Limited (AIM: PREM) is a
multi-commodity mining and natural resource development company
focused on Southern Africa with its RHA and Zulu projects in
Zimbabwe.
The Company has a diverse portfolio of projects, which include
tungsten, rare earth elements, lithium and tantalum in Zimbabwe,
encompassing brownfield projects with near-term production
potential to grass-roots exploration. In addition, the Company
holds 5,010,333 shares in Circum Minerals Limited ("Circum"), the
owners of the Danakil Potash Project in Ethiopia, which has the
potential to be a world class asset. Premier also has an interest
in Arc Minerals that has a number of mineral assets in Europe and
Africa.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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